Hillsborough Real Estate - April 2012
Modest Sales Pickup in Last Two MonthsAfter a very quiet start to the year in Hillsborough, sales activity has picked up in the last two months. In April 2012 there were 14 homes sold. In the first four months of 2012, there have been 35 homes sold, down from 40 in the same period in 2011. (Keep in mind that 137 homes were sold in 2011, the most since 2005, so the 2012 sales pace is not too slow).
Prices Appear SteadyOn a 12 month moving average basis, median and average selling values have been relatively flat over the past half-year. An average home in Hillsborough will still set you back about $2.5 million for about 4,000 square feet (along with the excellent schools, large lots and safe surroundings).
A big driver of the total cost of a home in Hillsborough is the large size of homes in the city. The average price per square foot is about $680, approximately 10 percent higher than in neighboring Burlingame. However, because the average home sold in Hillsborough is 4,000 square feet, versus just under 2,000 square feet in Burlingame, the difference in average selling values is more than 100 percent.
One sign pointing towards firmer selling values is that the average sales price to list price ratio in the first four months of 2012 is at the highest level since 2008. Interestingly, the ratio is typically below 100% in Hillsborough (even in the boom years of 2004 and 2005 when prices were rising sharply). This suggests that even in a normal market in Hillsborough, sellers accept offers below their asking price. In 2012, the ratio has been 96.6%, and it was as low as 94.5% in 2009.
Thinking of buying or selling a home in Hillsborough?If you're interested in learning more about the Hillsborough real estate market, considering selling your home in Hillsborough, or thinking about moving to Hillsborough, please drop me a line and I'd love to connect with you.
By The Numbers - Hillsborough Real Estate for 2012
|Current Month||YTD Total or Average|
|April 2011||April 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||64||52||66||67|
|Months of Supply||7.3||3.9||5.7||5.8|